trading by price, wasp stylee

[wasp]

It seems that it is considered a bit naff to thank people, but that isn't going to stop me!

Thanks Wasp for this great thread. I'm a (still just) unprofitable FX trader (but the indices keep the wolf from the door) and it has really made my Sunday afternoon to know that my simple approach is not doomed to failure. It has renewed my confidence, that had got a little bit shaken recently, that I just need more experience and not eleven indicators.

Ben

Thanks... simple is ideal IMO but not just simple for the sake of it. Experience is a hugely under appreciated commodity in the world of trading and sooner people realise it takes time, then it helps as experience will make sense of it all. Nothing is 100% clear from the outset.

Once you can read between the lines and take the time to understand what is going on, rather than finding a way to become profitable, then becoming profitable becomes a lot simpler and easier. Price tells a story and price action can be obvious once enough thought and understanding occurs.

 

[wasp]

thanks wasp. the information is very helpful

Regarding the lower time frame precision entry, i presume u first decide the point of entry on the higher time frame. Then using the lower one to enter a long by buying its support or breakout. What if price at the lower time frame does not consolidate at all. At the point u decided u would drill down to the lower time frame to enter, you won't even get a chance and price blasts up. In this case, this would be a trade that escaped?

Yep, top down so 60m then 30m and then lower if so wish.

Its not about price having to do X on the smaller TF though or you miss it. you see whats happening and judge and choose a reason where price is at the best opportunity. This could be a breakout or at S/R or something else... judge the action as unique, don't look for clichés.

 

[mdhships]

Thanks... simple is ideal IMO but not just simple for the sake of it. Experience is a hugely under appreciated commodity in the world of trading and sooner people realise it takes time, then it helps as experience will make sense of it all. Nothing is 100% clear from the outset.

Once you can read between the lines and take the time to understand what is going on, rather than finding a way to become profitable, then becoming profitable becomes a lot simpler and easier. Price tells a story and price action can be obvious once enough thought and understanding occurs.

I'd also like to echo the words of RedGreenBen earlier (as I'm in a similar spot myself re the early stages of Forex and success levels). Always looking to learn and have followed various of your comments over the ages whilst surfing through the site. Many thanks for the words of wisdom / advice. ..long may it (and success!) continue!...cheers

 

[wasp]

This thread was started for the purpose outlined in post #1 which was to explain to the curious a bit more behind what I am watching whilst trading.

It will be here until late tomorrow evening for the part timers who only work during the week(!) so any questions, get them in now as I won't be doing a running commentary nor is it meant to linger, just outline what I see.

It will then be closed so the point is kept foremost and it doesn't wander off.

 

[oiltanker]

why GBPJPY? better signals?

 

[Priceman]

He don't make any money though!

Well done Christoph-Lammy-Pie, I'd like to salivate over your long wick but looks like there's 150000(ish) other punters already there

Seriously, good content and nice and concise. Now how come you keep coming back?

 

[wasp]

why GBPJPY? better signals?

I just find it easier to read...

He don't make any money though!

Well done Christoph-Lammy-Pie, I'd like to salivate over your long wick but looks like there's 150000(ish) other punters already there

Seriously, good content and nice and concise. Now how come you keep coming back?

Shhh! Don't tell 'em that! Its hard enough to keep posting like I trade when I really work full time

As for why I keep coming back, well, there is only so much porn you can look at when you trade around the clock and a nice young lady asked so couldn't refuse! :cheesy:

 

[elitejets]

Wasp - I would rep you but it says I have to spread it around.
Very useful thread, Thanks!!
Nicola

 

[wasp]

Terrible... t2w telling you to 'spread it around'... they should be ashamed

 

[elitejets]

I know ... terrible.
But your thread is really good stuff and very much appreciated, by me!

 

[wasp]

It was all lies really, made it all up, I use a MACD and RSI!

 

[trendie]

As per the earlier post, a good rule of thumb should be if you cannot get your stop in at 2-3 times the spread, (ie cable 3 = 6 or 9 MAX) you are getting your entries incorrect. Whether scalping or swing trading.

frickin 'ell wasp, I risk 25-30 pips on 5-mins!!
(mind you, the chart is a 5-min representation of a 30/60 min chart)

I would kill to get in within 10-15 pips on a 30-min chart.

how many "shots" do you take to get the trade you wanted?
if you take 3 or 4 tries at 10 pip risk this might equate to a 30-40 pip risk?

good luck for this week. hope GJ behaves itself for you.

 

[wasp]

frickin 'ell wasp, I risk 25-30 pips on 5-mins!!
(mind you, the chart is a 5-min representation of a 30/60 min chart)

I would kill to get in within 10-15 pips on a 30-min chart.

how many "shots" do you take to get the trade you wanted?
if you take 3 or 4 tries at 10 pip risk this might equate to a 30-40 pip risk?

good luck for this week. hope GJ behaves itself for you.

Once only Trendie, only once, always part of my rules. I may drop a TF on entry to get it better but 21-28 is not a lot on GJ (esp now its died a death) and on a decent platform (I do increase on that slightly in SBs) it should be easy enough...

Practise makes perfect and all that

 

[hwsteele]

It was all lies really, made it all up, I use a MACD and RSI!

Oh way to go!
Now you tell me. I JUST sold BOTH of those on eBay last week!
You have any idea how much I have to drink EVERY DAY to show up and trade naked?
And that creepy guy who keeps winking at me three desks over.
I feel so alone.

 

[zupcon]

It was all lies really, made it all up, I use a MACD and RSI!

what settings ?, what timeframe ?, is there an EA ? LOL

 

[wasp]

Apologies to Trendie for no mentions of twig-birds.

 

[wasp]

purpose served

No more questions, cool... could someone lock the thread please.